RideNow Group (NASDAQ:RDNW) Upgraded to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded RideNow Group (NASDAQ:RDNW) from a "hold" to a "buy" in a research report issued Sunday.
• Analyst sentiment remains cautious overall—two Holds and one Sell produce an average rating of "Reduce" and a consensus price target of $6.50, with Baird and DA Davidson recently setting $7.00 and $6.00 targets respectively.
• Financials are mixed: shares traded near $6.65 (12‑month range $1.46–$7.19) with a market cap of about $255M, but the company posted a quarterly EPS of -$0.17 (miss), negative margins, and analysts forecast roughly -0.89 EPS for the year.

RideNow Group (NASDAQ:RDNW - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Sunday.

Several other brokerages have also commented on RDNW. Robert W. Baird boosted their price target on RideNow Group from $5.00 to $7.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 10th. DA Davidson reissued a "neutral" rating and set a $6.00 price target on shares of RideNow Group in a research note on Tuesday, March 10th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of RideNow Group in a research note on Thursday, January 22nd. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Reduce" and a consensus price target of $6.50.

RideNow Group Trading Down 1.2%

Shares of NASDAQ RDNW opened at $6.65 on Friday. RideNow Group has a 12-month low of $1.46 and a 12-month high of $7.19. The business's fifty day simple moving average is $6.30 and its 200-day simple moving average is $5.40. The stock has a market cap of $255.43 million, a P/E ratio of -4.78 and a beta of 1.12.

RideNow Group (NASDAQ:RDNW - Get Free Report) last announced its quarterly earnings data on Monday, March 9th. The company reported ($0.17) earnings per share for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.01). RideNow Group had a negative net margin of 4.84% and a negative return on equity of 2,628.57%. The business had revenue of $256.90 million during the quarter, compared to analysts' expectations of $267.08 million. On average, equities analysts forecast that RideNow Group will post -0.89 EPS for the current fiscal year.

Institutional Investors Weigh In On RideNow Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. City State Bank acquired a new position in RideNow Group in the 4th quarter valued at $26,000. Qube Research & Technologies Ltd acquired a new position in RideNow Group in the 2nd quarter valued at $52,000. Dimensional Fund Advisors LP acquired a new position in RideNow Group in the 4th quarter valued at $64,000. Balyasny Asset Management L.P. acquired a new position in RideNow Group in the 4th quarter valued at $66,000. Finally, OMERS ADMINISTRATION Corp acquired a new position in RideNow Group in the 4th quarter valued at $69,000. Hedge funds and other institutional investors own 66.14% of the company's stock.

About RideNow Group

RideNow Group, Inc NASDAQ: RDNW is a leading U.S. retailer of powersports vehicles, offering both new and pre-owned inventory to enthusiasts and recreational riders. The company's dealerships carry a diverse lineup of motorcycles, all-terrain vehicles (ATVs), side-by-sides, personal watercraft and snowmobiles from major manufacturers. In addition to vehicle sales, RideNow Group provides comprehensive service and maintenance, aftermarket parts and accessories and a range of financing and protection plans tailored to powersports customers.

Founded in 2004 and headquartered in Houston, Texas, RideNow Group has grown through a combination of organic expansion and strategic acquisitions.

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